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Just as Americans are finally beginning to reap the benefits of plunging gasoline prices — including more money in their pockets — OPEC is getting ready to squeeze them once again by cutting oil production and driving up prices to refineries.
The 13-nation global oil cartel — which includes Mahmoud Ahmadinejad's Iran and Hugo Chavez's Venezuela — will hold an emergency meeting in Vienna Friday to discuss the steep and rapid decline in oil prices.
Price fixing is an agreement between business competitors to sell the same product or service at the same price. In general, it is an agreement intended to ultimately push the price of a product as high as possible, leading to profits for all the sellers.
OPEC's mission is to coordinate and unify the petroleum policies of Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital to those investing in the petroleum industry.
Originally posted by Sky watcher
If OPEC does something to raise the price back up then Iran will be the one paying the price. They buy their fuel just like us. We can and will blockade them.
Its time we start taking the oil from these greedy terrorist country's